LHV bank Estonia and a Colored Coins software company ChromaWay AB have created a new blockchain-based platform and a wallet for P2P transactions in euros. 

CUBER (Cryptographic Universal Blockchain Entered Receivables) platform is built on top of Colored Coins technology, which is in turn based on the bitcoin blockchain. The Cuber wallet is a new financial tool that allows users to transfer euros using the blockchain “without being affected by fluctuations in the price of the Bitcoin currency”. The innovative app is open-source and can be improved by developers. 

Alex Mizrahi, CTO of ChromaWay, welcomed Cuber:

“Three years ago I created the world’s first colored coins. This year I can use them to buy ice cream.” 

Cuber Wallet is already available to iPhone and Android users and can be downloaded from Apple Store and Google Play Store. The description claims that the app will allow users to make P2P transactions and pay for goods and services in euros. An LHV bank account is required to deposit and withdraw funds. However, the wallet is still at the testing stage and does not support top ups from LHV accounts. The company aims to perform beta testing in autumn.

“At the moment Cuber Wallet is at an early stage but one day it could be coming to replace cash – you have your euros stored in your wallet, separate from bank account. You can keep them or pay them to another user. Financial service provider is needed to deposit your money to a bank account. Just like cash,” the Cuber website claims.

LHV bank Estonia has been around in the bitcoin industry for a while. In March, a partnership between the bank and a UK-based bitcoin exchange Coinfloor was announced. Last year, the bank became Coinbase's official partner in Europe. The company hired a virtual currency expert in June 2014 to help develop financial services for digital currencies such as bitcoin and announced the start of research into the potential of the blockchain technology.

The CUBER technology platform has been reportedly developed along with LHV’s own initiative of developing a cryptographic security technology for the blockchain. CUBER is seen as a certificate of deposit. The legality of virtual currency use in Estonia is covered by existing regulatory frameworks, and cryptocurrency transactions are subject to VAT.


Aliona Chepel